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  • 1
    Electronic Resource
    Electronic Resource
    Regulation Effects on Company Beta Components (2005)
    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    Bulletin of economic research 57 (2005), S. 0 
    Details
    ISSN: 1467-8586
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper introduces a general model to analyse the effects of regulation on company risk. In particular, we consider two determinants of systematic risk: the company's overall risk and the correlation between the regulated company's value and the market. Theoretical findings indicate that, as regulation gets stricter, the company's abnormal returns will turn negative whereas the two systematic risk components will increase, and vice versa. We use event analysis elements and a time-varying beta estimation to verify the regulation impact on risk and returns in the English electricity distribution industry. We find that systematic risk varies significantly during the period considered in our analysis. Furthermore, the analysis points to negative relationships between abnormal returns and both market correlation and overall risk variations.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.0307-3378.2005.00227.x
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    Paper (German National Licenses)
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  • 2
    Electronic Resource
    Electronic Resource
    Should Firms Going Public Enjoy Tax Benefits? An Analysis of the Italian Experience in the 1990s (2003)
    Oxford, UK : Blackwell Publishing Ltd
    European financial management 9 (2003), S. 0 
    Details
    ISSN: 1468-036X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: In Italy tax benefits are granted to firms going public. However, does such tax relief really reduce the corporate tax burden? In this study we tackle the issue by considering 21 industrial firms that were listed on the Italian Exchange from 1995 to 1997 and enjoyed a temporary tax rate cut-off. We find that the increase in the taxable income reported by these firms largely counterbalances the effect of the tax relief. We conclude that a tax rate cut-off may not necessarily provoke a reduction in the tax burden for newly listed firms, since in the short term they report larger earnings compared with privately-owned companies. We claim that this ‘induced’ effect is mainly due to: the significant improvement of operating performance in the year of the listing; the reduction of the debt tax shield; an increase in investment and more accounting transparency. Our findings suggest that tax relief for IPO firms does not necessarily mean a loss of revenue for the government.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1468-036X.00234
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    Paper (German National Licenses)
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  • 3
    Electronic Resource
    Electronic Resource
    Income Shifting in Italian Business Groups and some Governance Implications (1997)
    Springer
    Journal of management & governance 1 (1997), S. 207-230 
    Details
    ISSN: 1572-963X
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper explores the relationship among group control, financial reporting strategies and governance implications in the pursuit of domestic tax planning. A very large number of papers deals with international tax planning in multidivisional enterprises, but very few are devoted to exploring significant incentives for national business groups to engage in tax planning strategies. In this paper we propose a one-period model relating to the tax incentives of income shifting in Italian business groups. We show that, given the total amount of expected earnings before taxes and the dividends received by the firms belonging to a business group, an optimal solution to the problem of minimizing the group tax burden exists. The optimal solution involves a gain in value for the group as a whole; nevertheless, since in business groups ownership is often differentiated among shareholders (often because of the separation between ownership and control), income shifting may determine wealth transfers, often in favor of the controlling shareholder. We therefore analyze the management and governance implications of such income shifting, for both shareholders and stakeholders (i.e. managers).
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1009921507387
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    Paper (German National Licenses)
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  • 4
    Electronic Resource
    Electronic Resource
    How much equity capital did the Tokyo Stock Exchange really raise? (1995)
    Springer
    Asia Pacific financial markets 2 (1995), S. 233-258 
    Details
    ISSN: 1573-6946
    Keywords: Acquisition ; buy back ; cross-shareholdings ; equity carve-out ; equity capital ; net collection of equity capital ; stock market
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Even though the channelling of equity capital from savers to listed firms is one of the primary functions of a stock market, not much effort has been devoted to the problem of measuring the phenomenon. External equity financing, traditionally associated with the issue of new shares, depends also on the sale of already issued shares. This additional form of collection of equity capital becomes relevant when the firms of the market are connected by cross-shareholdings (as in Japan): the phenomenon of equity carve-out is a relevant example of equity financing obtained through the sale of existing shares. The paper presents a model for computing the equity capital raised by companies listed in a given stock exchange over a specified period of time, which is non trivial when firms are connected by cross-shareholdings. A numerical computation of the net amount of equity financing in the Tokyo Stock Exchange in the period 1971–1992 is reported: it shows that the net (or true) measure is significantly different and, in most cases, lower than the conventional one.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02425198
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    Paper (German National Licenses)
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  • 5
    Electronic Resource
    Electronic Resource
    Corporate Groups and Minority Shareholder Wealth: A Role for Private Benefits? (1999)
    Springer
    Asia Pacific financial markets 6 (1999), S. 355-383 
    Details
    ISSN: 1573-6946
    Keywords: conflicts of interests ; corporate groups ; internal capital markets ; minority shareholders ; private benefits from control
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper aims at developing a theoretical framework to address the issue of internal resource allocation within corporate groups, representing an extension of the internal capital market approach developed for Anglo-Saxon type multidivisional enterprises. In particular, the paper investigates how private benefits from control affect investment decision processes in a capital constrained business group. We consider a group of n listed companies controlled by one main shareholder (i.e., a hierarchical group), and suppose that the group as a whole is endowed with an exogenous and limited amount of capital for investment. We analyze the effects of private benefits on the investment allocative efficiency and on the wealth of the group';s various claimants. Under reasonable assumptions, we show that the controlling shareholder always finds preferable to secure private benefits. Moreover, and surprisingly enough, we find that the appropriation of control benefits may give rise to an increase in the market value of the group as well as in the portfolio wealth of the set of minority shareholders. In particular, the positive effect of control benefits on minority interests increases with the capital rationing of the group. Therefore, the effects of private benefits can be different in different markets, depending on the degree of development and the credit capacity of the single market. The findings of this paper challenge the largely accepted view that private benefits from control are always harmful to minority shareholders.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1010064712299
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    Paper (German National Licenses)
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  • 6
    Electronic Resource
    Electronic Resource
    The Provision of Finance to Innovation: A Survey Conducted among Italian Technology-based Small Firms (2000)
    Springer
    Small business economics 14 (2000), S. 37-53 
    Details
    ISSN: 1573-0913
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Financial constraints to the development of innovation are often considered one of the main impediments to high-technology firms seeking to expand and grow. In particular this is the case of small and medium size high-tech firms. In the U.S. and the U.K. a variety of sources of finance are available to the start-ups of innovative firms; in the other European countries, and particularly in Italy, these means are still uncommon so that the development of technology is often prevented. This paper, based on an empirical analysis on a survey of 46 small high-tech Italian firms, aims at exploring the problems experienced by small businesses in gaining access to debt and equity finance. The results highlight that traditional financial sources are inadequate to finance innovative projects. The questioned firms rely mainly on personal finance, and secondly on short term bank debt; they are truly involved in maintaining control over the firm activities and are willing to issue outside equity only if the new investors also provide non financial competencies. Among the 46 interviewed firms, only 10 are willing to be listed in the future on small firms' stock markets.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008187416389
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    Paper (German National Licenses)
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